Supermarket giant Sainsbury’s has recommitted itself to The Crescent development in Hinckley despite writing off plans for 15 other new stores.

The chain, which has reclaimed its position as the UK’s second biggest grocer a decade after falling behind Asda, remains the flagship retailer in the bus station site revamp.

Contractors are due to move in next March and the multi-million commercial centre, also featuring a Cineworld, restaurants and brand name stores, should be open by summer 2015.

The supermarket has stuck with the 57,000sq ft Hinckley regeneration scheme after reviewing all of its new store plans.

John Rogers, Sainsbury’s finance director said the company had written off £92 million relating to property because it had decided not to go ahead with plans to open supermarkets on 15 sites - mostly schemes similar to The Crescent involving the redevelopment of land close to town centres.

The revelation came as Sainsbury’s announced a better than expected rise in profits marking itself as the only one of the UK’s big four supermarket chains to increase market share in the past year.

Borough council leader, Councillor Stuart Bray, said: “It does not surprise me that Sainsbury’s have pulled out of a number of projects but we are not affected as they are contractually obliged to be part of The Crescent.

“This is something which is happening across the country, not only with Sainsbury’s but other supermarkets too, they are scaling back and pulling out of building new stores because of changing markets.

“We are pleased here in Hinckley it is a different story. We continue to buck the national trend and Sainsbury’s has kept faith in our project.

“Major firms can see that it is worth investing in Hinckley.”

The scheme, which has been more than three years in the planning, has surmounted numerous obstacles, including the threat of a Sainsbury’s pull-out.

Hinckley and Bosworth Borough Council came to the rescue with a bail-out of £7 million in a short-term rolling loan and an agreement to buy the freehold part of the site earmarked for Cineworld at a cost of £4.5 million.